Medium-Sized Businesses ‘Critical To North West’

A business expert in the North West has suggested that the future is bright for medium-sized firms and described companies of that size as critical to growth in the region.

Speaking to BusinessDesk North West, Les Ross, regional managing partner of Grant Thornton, said firms with between 50 to 499 people and a turnover between £130m to £650m were “outpacing” other companies in terms of their research and development spending.

He added that the sector overall was critical to the economy in the North West and needs to be properly understood on its own terms.

Discussing the area, he explained to the website: “Productivity in the sector is also extremely impressive – our data suggests it’s now the highest in the UK, overtaking that of large firms in 2012.

“Growth in capital spending has also recovered more robustly than large businesses following the 2008-09 recession.”

Mr Ross’s comments have come after research by the Confederation of British Industry called for more to be done to ensure medium-sized businesses have access to finance to help them develop their international and export ambitions.

Expert Opinion

With the improvements being seen in the economy, it is unsurprising to see much attention turning to the important role that entrepreneurs, start-ups and small and medium-sized businesses have in general to play in the continued recovery.

"There is a widespread belief that small and medium-sized businesses have a key role, particularly in seeking out and grasping the opportunities which are beginning to emerge in a number of sectors.

"Companies looking to expand or invest in their operations need to bear in mind some of the growing pains which can occur as a result. A key part of mitigating such issues is having the right support network in place to provide quality advice on legal and other topics."